Aloha people, i dont know why, but i am just feeling very very depressed and disallusioned about how much of a real life career trading can actually be.
I gave up going into a career in the police to become a trader fulltime, but now ive been trading (demoing now) for over 1month i just dont feel that the small little guy can actually make a secure stable living off just being a self-employed spreadbetter trader! 😕🙁🙁😢
I made almost 600pips last week using my demo account, however i know that if it was my real money i wouldn't have taken those risks of holding for so long, even though i had actually used S&R lines, trend.. ect so was actually using a real method not jut gambling and guessing.
And even if i wanted to i simply wouldn't be able to risk a hundred quid+ on 1 trade!! 😢
At the moment i feel you can only actually make a living of trading if you already have a few thousand pound just sitting around spare...,
but until you are already 'rich' you cant become a trader. 😢😢
A few thoughts:
(1) Stop trading immediately and fooling yourself that this is a possible dream in the short run. Becoming a full-time trader usually takes many many years.
(2) Save up until you have AT LEAST £5,000 to trade with that you can afford to lose without blinking an eyelid. Your total savings should be double this amount.
(3) Forget entries and exits. First off, you need to understand market structure and once you understand that you need to then think about the wood as opposed to the trees.
(4) Develop an edge and backtest it on historical data based on a sample size of at least 100 trades, preferably more.
(5) Next stage is does this strategy hold up on a real time simulated basis.
(6) From this research you will be able to develop a trading plan, remember to include risk management.
(7) Prove that you can trade by doubling your account before going full time. Also, have money you can live off for at least a year so you are not under pressure to make money which will affect your decision making process.
(8) Consider whether full-time trading is the right thing. In the UK you pay much higher taxes working full time than part time. Also, trading once you are successful and know what you are doing can be a bit boring. You are just executing a plan, that's it. Nothing exciting really. Moreover, you can trade almost as much part-time as full time. For example, you can even daytrade the US afternoon session, while still having a job. Trading full-time is also a big risk on your CV.
